Gold short setup from resistance area for short term only!

Hello Traders,

Gold has reached a key historical resistance level and is showing signs of rejection with pin bars on the 2-hour timeframe. This suggests that bullish momentum may be weakening, potentially leading to a pullback. I’m closely watching the current 2-hour candle to see if it closes bearish, ideally engulfing the previous two bullish candles.

Three pin bars formed at the resistance area suggesting that the bullish trend may be weaking for a short term



With the month coming to an end, large investors might start closing their portfolios, which could trigger a 20%-30% pullback on the monthly candle. This aligns with our support level around 3030. For a trading setup, I’ll wait for the current 2-hour candle to close bearish and look for a slight retracement to 3075 as a potential shorting opportunity.

20%-30% retracement may be possible due to investors closing their monthly portfolios


If you find this analysis helpful, a boost would be greatly appreciated! 🚀